Let's make the most of financial repression

The period of financial repression is necessary, but unpleasant and unfair. So we must act alongside it to make things better when it's over.

It is increasingly something of a consensus view that "doing nothing is not an option". We should "demand growth" by forcing everyone to borrow and spend more, mainly on welfare and infrastructure. Just look at Ed Miliband in the Weekend FT. He says we need a "plan for putting right what has gone so disastrously wrong".

His plan is simple, andTim Price of PFP sums it up the best: "Mr Ed calls for firm, coordinated action. Action, he repeats, is long overdue. Germany, for example, must support demand. Mr Ed demands that Germany supports demand. He demands demand, and he supports it, too. And yes, uncertainty around the world's banks should be resolved. Action! Demand! Support! Certainty!"

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.